Yet another PoS shitcoin... The validation of a cryptocurrency must burn real world asset!
Klol
A faster, more efficient cryptocurrency
261–270 of 839 posts
Re: A faster, more efficient cryptocurrency
#262I have long wondered how cryptocurrency fans would answer the question: ‘Would you be happy if the crypto-utopia you bring up happens in the next 10 years, and all value is stored/transacted through a cryptocurrency, but it was a coin that you do not possess now, nor could you transfer any of you current currencies into it?’ Say tomorrow someone releases the one true coin, but no one notices. All other cryptocurrenci…
That's fine with me as long as it maintains the purpose of the original; to disintermediate the state and political authority from money, and to create a ledger which they cannot tamper with, confiscate, or spy on.
Re: A faster, more efficient cryptocurrency
#263Earlier quoted context omitted.
As long as you can't buy food or pay your electricity bill with any cryptocurrency, you haven't achieved any of these things. So the question becomes, why should the supermarket or the utility company accept crypto payments instead of dollars, when they know the former can lose 20%-99% of its value overnight, while the value of the latter is guaranteed to be kept stable by the government?
The key word in this discussion is potential.
Ah, but you don't need crypto to have that potential. Anyone could issue their own currency, and try to convince people to use it for actually buying and selling stuff. But that convincing part is really the key, and crypto very explicitly doesn't solve the problem that businesses will need to trust the issuing entity before they switch to using a new currency.
People and companies want to have a central, stable issuing authority they can trust.
Re: A faster, more efficient cryptocurrency
#264Earlier quoted context omitted.
I should do my own research but I’d appreciate if you can name a few of them.
I would name Nano, a very underrated cryptocurrency. Uses DPoS (Delegated Proof of Stake) instead of Proof of Work, so it doesn't do mining, also it has zero fees and minimal transaction times. I've ran a full node for some time to support the network, the whole blockchain size was about 5GB, but the downside of zero transaction fees is that there is less incentive for people to run full nodes. I stopped mine out of…
If no fees, what are the incentives to accept transactions in a block?
Re: A faster, more efficient cryptocurrency
#265Re: A faster, more efficient cryptocurrency
#266Earlier quoted context omitted.
The recent QuadrigaCX fiasco shows this very clearly. The entire exchange (one of the biggest in Canada) was somehow just running on the encrypted laptop of this one guy, and after he suddenly died in December, there is 250 million Canadian Dollars owed to 100k+ customers that nobody can recover, because the guy with the password is dead.
Minor correction: the exchange wasn’t running on a laptop. It was run on systems you’d expect it to run on. What was stored on the encrypted laptop was all of the cold storage wallets containing the majority of the digital assets. No less idiotic, but an important factual distinction.
Aha, this makes sense. (Wikipedia states that the exchange was running on his laptop, which I did indeed find curious/impressive.)
Re: A faster, more efficient cryptocurrency
#267Earlier quoted context omitted.
Wealth, not money. Money is heavily regulated. Crypto are not.
That's circular logic. Wealth is equivalent to money.
Not really, the vast majority of wealth isn't in the form of money (cash or direct debt), it's in the form of ownership of non-money assets such as real estate and productive companies.
Re: A faster, more efficient cryptocurrency
#268If this kills proof-of-work cryptocurrencies, I'm all for it.
It is already dying
Re: A faster, more efficient cryptocurrency
#269I'm shocked and disheartened by how infrequently environmental concerns are brought up when discussing crypto. Proof of Work vs Proof of Stake, security, storage size - these are problems for the network and those that want to see it become a real part of our economy. (I am one of those) But the amount of energy being used to mine bitcoin is a real problem - it's not just a technical challenge (like the problems abov…
I feel the same way about the amount of energy used to serve advertisements & send marketing emails.
Re: A faster, more efficient cryptocurrency
#270Earlier quoted context omitted.
Intentional debasement is one way of getting out of very serious national financial problems. It is unpleasant, but it's chosen (or, more likely, can't be prevented) because the alternatives are worse. If you make this option impossible for your government, you're setting up your country for some very bad consequences the next time in some economic disaster it would have needed to have that rapid inflation, but can't…
> Intentional deflation is one way of getting out of very serious national financial problems. How so? For a net debtor, deflation is potentially ruinous.
My bad, I meant intentional debasement or "printing extra money" or intentional hyperinflation scenarios, not deflation.